Taiwan continues to provide useful assistance to St Lucia, says PM Pierre

By Caribbean News Global

TORONTO, Canada – In a New Year’s address delivered on January 7, 2024, Prime Minister Philip J Pierre acknowledged that “the government and People of Taiwan have continued to provide useful assistance to the People of Saint Lucia for which we are grateful.”

A similar sentiment was shared last year in the budget speech reaffirming Saint Lucia’s diplomatic support to the government of the Republic of China (Taiwan), “we are grateful to the government and the People of the Republic of China (Taiwan), who have been dear and sincere friends of the people of Saint Lucia.”

The prime minister’s latest statement of support for Taiwan as expressed is responsible for the majority of economic and social largess noted in the national address and budget of Saint Lucia.

Budget address 2020-2023 reference to Taiwan states:

“The Constituency Development Programme (CDP) is being financed by the Republic of China (Taiwan) and is aimed at allowing elected parliamentarians the opportunity and ability to fund small projects of their choice in their constituency.”

“ My government has secured concessionary funding from the Republic of China (Taiwan), and others, to cushion some of the negative impacts of COVID-19, compounded by the Russia-Ukraine conflict, which has already resulted in higher food and fuel prices.”

“As I indicated previously, it is the policy of my government to, when possible, use concessionary finance to fund projects. You will note that for the first time 80 percent of our financing needs are programmed from concessionary loans instead of short-term higher-cost bonds and treasury bills financing – 38 percent of these loans are expected to come from the Republic of China (Taiwan).

“I wish to point out that of the $191.82 million to be financed from the Republic of China (Taiwan) (EXIM Bank), $18.13 million represents outstanding amounts to be disbursed from existing loans, and the balance of $173.693 million in total, will be used to finance various projects amounting to $80.753 million, while $92.94 million will be provided as budgetary support for operations – we are being open and transparent.” Grants: “Republic of China (Taiwan) (ROCT) – $52.623M.”

From various analyses, Taiwan ‘provides useful assistance’ that extends to technical, financial, social engineering and the advancement of Saint Lucia.

Taiwan exemplifies the importance of democracy, peace and stability across the world, through trade and investment. Taiwan was ranked as the 14th richest country in the world by Global Finance Magazine based on gross domestic product (GDP) per capita and adjusted for purchasing power.

Taiwan and Czechia signed a Business Opportunities Enhancement Program to expand investment and trade ties on December 22, 2023, while strengthening the bilateral relationship in other fields. The two sides will collaborate in establishing a platform to facilitate exchange in culture, economy, technology and trade. The platform will enhance business communication, information interchange and other issues of mutual concern.

 – Related: Taiwan – Korea tax agreement to commence January 1, 2024

Taiwan and Canada concluded the Investment Promotion and Protection Arrangement on December 22, 2023, underscoring their commitment to expanding economic ties. The pact incorporates comprehensive investment protection standards and prohibits the host country from imposing additional investment restrictions. It also allows the host country to regulate trade in accordance with its domestic policies while recognizing values such as corporate social responsibility, cultural diversity, gender equality and labor rights.

Inclusive of Saint Lucia’s ‘Outlook for 2024’ per Prime Minister Pierre’s national address remains obvious areas of cooperation within the investment hub and production base of Taiwan.

However, the government must address concerns about their artfulness on matters of diaspora investment, minimum/livable wage, foreign investment companies, and guarantee equity.

The prime minister’s key priorities for 2024 include investments in infrastructure, housing development, seaports, road rehabilitation, the construction of the Hewanorra International Airport Terminal Building, and the continuation of healthcare and education initiatives. The government is also scheduled to implement a livable wage, food and nutrition security, addressing historic gun-related homicides, and a commitment to enhancing the Royal Saint Lucia Police Force, (RSLPF).

Institutional structure 

While these are essentials, the capital format, institutional structure and schedules, require more than just a mention in a five-year political cycle. Severely lacking are long-term planning and continuity to strengthen stability, order and decision-making.

The other vital goal is placing Saint Lucia [and the OECS] on a particular trajectory. The future measures require initiatives, strategies and policies. Also obscure is a development concept that’s coordinated and open for revitalisation.

Infrastructure policy should be decoupled from the shortsighted politics of project (s) oriented mindset, comparing one project form another. Infrastructure investments and national development should be based on a coherent blueprint with values, goals and a vision for decades to come.

The decision-making skills to invest and further cement a demonstration of confidence in Taiwan’s marketplace, and a positive vision for Saint Lucia’s economic outlook, should be implemented with Taiwan. Common sense and logic in foreign policy, trade and economics should be obvious in the furtherance of just budgetary support.

The year 2023 was one of economic recovery, exhibiting the value of intended deals, trade, services, etc., needing to yield specific results in 2024 and beyond. In the long term, the region faces persistent challenges. The potential for economic growth is declining amid a slowdown in total factor productivity and an aging population.

The World Bank Group, Caribbean Outlook, excluding Guyana, which is experiencing a resource boom, Caribbean economies are expected to grow by 4.1 percent in 2024 and 3.9 percent in 2025, partly due to the ongoing expansion of the tourism sector. For Central America, steady growth is envisioned, with rates of 3.7 percent in 2024 and 3.8 percent in 2025. This outlook is supported by a moderate increase in remittances, particularly in 2024.

Global economy set for weakest half-decade performance in 30 years

Timing is everything

Taiwan’s integrated resources and expanding cultural, economic and trade relations – through frequent interaction in most sectors of Saint Lucia can further enhance the fundamental importance of representative democracy and the legislature – in the form and structure of a people’s democratic process that comprises strategic thinking of governance.

Timing is everything in support of the people of Taiwan heading to 13 January 2024, presidential election and Saint Lucia’s 2024/2025 fiscal year.

But being mindful of freedom of choice, economic impulse and a direction that gives “cause for a moment of thoughtful reflection, resolution, and renewal,” is a curious paradox.

“We must muster the courage to put aside petty differences, recognise what binds us together, show consideration for each other, and compassion for the less fortunate amongst us.

“Let us resolve in 2024 to reach out to each other with a greater sense of charity, love, understanding, and friendship.

“We must recognise that working together as one nation, one people, with a common purpose is the only viable pathway for our country to attain inclusive, meaningful, and sustainable development. We must resist the destructive forces of division, and embrace the uplifting spirit of unity, as we work together to build a more equitable and inclusive society.

“As Saint Lucians, our nurturers, and mentors raised us to appreciate the value of speaking the truth. We were taught that truth is important because it forms the foundation for rational discourse, knowledge, and understanding. It is a cornerstone of good governance, credibility, and trust.

“We will counter with the facts, the unfortunate and self-serving campaign of blatant lies and misinformation in our country that we have recently been witnesses. These disingenuous activities can have serious implications for our country.

“Our government will continue to be the steward of accountability and integrity in public life. The people of Saint Lucia deserve nothing less from their government and from all those who present themselves for leadership positions of any kind in our beloved country,” ~ Philip J. Pierre, New Year’s address 2024.